careers for economics majors. career earnings payscale.com reports its survey of people with...
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Jobs for Economists In the current economy most decisions are driven by data analysis! High demand for strong quantitative skills, data analysis skills but also good writing skills! Companies are looking for graduates that: have had practical experience: working on projects using data analysis and/or have joined a quantitative internship program with advanced quantitative degrees (Ex. Master in Applied Economics, Master in Statistics, etc).TRANSCRIPT
Career Earnings Payscale.com reports its survey of people with Baccalaureate degrees (and no more)who
are employed full time, showing starting salaries (typically with two-years of experience) and mid-career annual earnings. Here are selected occupations for the 2013-14 report.
College Major Starting Salary Mid-career Salary
Chemical Engineering $67,500 $111,000
Applied Mathematics $50,800 $102,000
Statistics $49,300 $99,500
Economics $48,500 $94,900
Mathematics $48,500 $85,800
Finance $47,700 $85,400
Business $41,400 $70,000
Political Science $40,300 $74,700
Advertising $37,800 $77,100
Sociology $36,000 $56,700
Psychology $35,200 $60,200
Jobs for Economists
In the current economy most decisions are driven by data analysis!
High demand for strong quantitative skills, data analysis skills but also good writing skills!
Companies are looking for graduates that: have had practical experience: working on projects using
data analysis and/or have joined a quantitative internship program
with advanced quantitative degrees (Ex. Master in Applied Economics, Master in Statistics, etc).
What can I do now to be competitive on the job market when I graduate?
Data analysis oriented positions:
Pursue a Bachelor in Science (vs a Bachelor in Arts)
Take as many MATH courses you can or perhaps pick a minor in
MATH
Sales, management and marketing oriented positions (and
others):
BS still useful or, for the BA, learn a foreign language
What can I do now to be competitive on the job market when I graduate?
Take as early as you can Introduction to Statistics, Econ 2370 (starting Fall
2015, Introduction to Economic Data Analysis, course required for all Econ
majors)
Take as early as you can Econometrics, Econ 3370 (previously Econ 4365)
http://www.uh.edu/class/economics/undergraduate/degree/
Take classes in which you will be able to use your Econometrics skills:
Regression Modeling and Data Mining, Applied Econometrics, Industrial
Organization, Chinese Economy, etc.
For BS students
“Economics Quantitative Certificate” – starting Fall 2015Some Requirements (subject to change until approval):- Introduction to Econometrics (which is required for all our BS
majors)- Two advanced quantitative courses from
• Regression Modeling and Data Mining• Applied Econometrics • Other advanced courses that will be added in the next
years to our curriculum
Other consideration
Find an internship
http://www.uh.edu/class/economics/undergraduate/internship/
Consider a Master in Applied Economics
Consider other graduate programs as PHD in Economics, Law
School, etc…
Please talk to us about your career choices! We will be able to
help you design a curriculum that will increase your chance of
getting the job or graduate program that you wish.
Course selection
Take classes in the right order!
Math 1310
Econ 2304Principles of
Microeconomics
Econ 2305Principles of
Macroeconomics
Econ 3332Intermediate
Microeconomics
Econ 3334Intermediate
Macroeconomics
(optional for BA) Econ 3370
Introduction to Econometrics (BS)
Econ 2370Introductory
Statistics
Course Suggestions: Examples• Banking/Finance – Capital Market Econ, International Monetary
Econ, Money & Banking, Public Finance, Game Theory, Intro to Econometrics; consider minor in Finance, Accounting, Personal Financial Planning, or Risk Management & Insurance
• Sales/Marketing – Labor Econ, International Trade, Money & Banking, Capital Market Econ; consider minor in Sales, Advertising, Beverage Mgmt & Mktg, Marketing, Consumer Science, Public Relations, Communication, or Purchasing
• Real Estate/Urban Planning – Urban Econ, Public Finance, Law & Economics, Environmental Econ; consider minor in Accounting, Health Communication, Energy & Sustainability, Public Relations, or Law, Values & Policy
Careers in Economics:
• 3 broad fields:• Business• Government• Academic
Jobs where data analysis skills are important (mostly BS)
Business Economists:• Business Consultant
• Deloitte, PriceWaterhouseCoopers, Ernst & Young, KPMG, etc• Analyze businesses and markets• Work case by base
• Investment Banker• JP Morgan, Goldman Sachs• Buying and selling securities and assets• Analysis of businesses and market conditions
• Management Consultant• Conduct organizational studies, assist with operations and procedures
• Marketing Analyst• Kellogg, Pepsico, Johnson and Johnson, Pfizer, etc• Identify customers and develop pricing / product strategies
• Financial planning / Banking• Assist individuals and small businesses in financial advice• Evaluate and pursue investment opportunities
Other Careers (mostly BS):
• Government Economist:• Policy analyst• Statistician• DOJ, BLS, Census, Treasury
• Academic Economist:• Research• Teaching• Typically requires a PhD
• Accounting• Federal Reserve Bank
Jobs for Economists (BS and BA):• Economic Development• Entrepreneurship• Healthcare• International Trade• Marketing and Retail• Real Estate and Urban Planning• Actuaries / Insurance• Law• Management• Supply-Chain / Purchasing Management• Journalism
UH Career Services•Website is www.uh.edu/ucs.
•Counseling, walk-in hours, and the vocational assessment (including Focus2, which is free to students).
•Explore Cougar Pathways under your Access UH where you can make appointments with Career Counselors, upload resumes and apply for jobs and internships right through the system
• Zach Wortzel – CLASS Representative
Scholarships• http://www.uh.edu/class/economics/undergraduate/scholarships/
Undergraduate Research Funding Opportunities at UH
• Summer Undergraduate Research Fellowship– http://www.uh.edu/honors/undergraduate-research/uh-resear
ch/surf/– Deadline: March 28, 2016
• Provost's Undergraduate Research Scholarship– http://www.uh.edu/honors/undergraduate-research/uh-resear
ch/purs/– Deadline: Wednesday, April 22
• Office of Undergraduate Research at UH– http://www.uh.edu/honors/undergraduate-research/
Outside Opportunities• American Economic Association Summer Training and
Minority Fellowship– http://econ.msu.edu/aeasp/
• ICPSR Summer Program in Quantitative Methods– http://www.icpsr.umich.edu/icpsrweb/content/ICPSR/internship/– Deadline: January 31, 2015
• UH has a database of other outside opportunities– http://www.uh.edu/honors/undergraduate-research/scholarships/
The economics department provides opportunities for the best students to work on a research project (of your choice) with a faculty member
• Independent study (ECON 4398), 1 semester, 3 credits.
• During a one semester independent study a student typically produces a 10-15 page long research paper.
Why get involved?1. Graduate school application– Including a writing sample is required (or
recommended) for most applications– It helps to form your own idea about what type of
questions/topics you are interested in.– You will have the opportunity to work with a
professor individually – opportunity to get a more personal recommendation letter
2. Applying for a job– A chance to impress interviewers by talking
about your “own research”– A writing sample provides extra information to
your future employers about your analytical and communication skills
– You can use this opportunity to get to know specific organizations / industries / firms or even collaborate with them (e.g., relevant topic or data)
Why get involved?
What are the requirements?• You decided to major in economics and have at least a B (3.0)
average in the following courses:– ECON 2370: Statistics– ECON 3332: Intermediate Microeconomics– ECON 3334: Intermediate Macroeconomics– ECON 4365: Introduction to Econometrics
• You have taken at least one additional 4xxx level class related to the topic you want to do research on (and did well)
• You have a clear goal for why you want to start your own research
• You are committed to work hard in that semester
How to start?• If you meet the requirements, make an appointment with
Andrea Szabo to discuss your plan. • Before you set up your first meeting, prepare!• Have an idea of the topic you want to work on (prepare a page-
long summary, know what you want to talk about)• Be prepared to talk about your goals: what you want to
accomplish during the semester, why you want to do research on your chosen topic, how the final paper would help you in the future.
• More info on our website: http://www.uh.edu/class/economics/undergraduate/independent%20research/
Graduate schools• Masters or PhD in various fields– Schools of: Business, Public Policy, Law, Public Health,
Education– social science departments (Political Science, Psychology,
etc.)• Masters in Economics or Applied Economics• PhD in Economics• These are very different options and require different
preparation. You have to start preparing early!• Some of the options might carry a scholarship.
Program Benefits
• Complete master’s degree in one-calendar year (August graduation)
• Courses in economic theory, econometrics with application in energy, health and financial markets• Useful skills for varied career paths: data analysis, market research,
consulting, etc. (a few choose law school or PhD programs after graduation)
• Fall semester: Microeconomic Analysis, Macroeconomic Analysis, Econometrics and Data Management
• Spring semester: Public Finance, Health Economics, Energy Economics and Economic Modeling and Forecasting
• Summer semester: 6 credit hours Internship or Project
Examples: UH MA Applied Economics Placements
• Jr. Economist at BBVA Compass Bank (1 internship, 2 full time jobs)• Healthcare Consultant at Cognizant Technology Solutions (second
placement after starting as Pharmacy Benefits Analyst at Mercer)• Associate Project Manager at Angelou Economics (Austin, TX)• Risk Analyst at Constellation Energy (3 interns, 2 full time jobs)• Air Quality Planner at Galveston Area Council• Transfer Pricing Analyst at Ernst & Young• Economist at Public Utility Council(Austin, TX)• Research Analyst at IHS CERA (3 full time jobs)• Energy Analyst at Bank of America• Forecasting Analyst at CenterPoint Energy• Energy Analyst at Wood McKenzie
Answers to some FAQ’s
• Currently full-time day only program (most courses MWF between 10 and 4)
• Class size has varied from 11 to 24 (goal size is currently 25-30)• Internship placement involves combination of student search effort
and internship manager assistance– placement is fairly high with most students finding an internship
(or, at times, full time job) by June of their program year• Program costs can be determined at
www.uh.edu/financial/graduate (resident costs ~$13,000 for 30 hour 2015-2016 program year)
• Expected starting salary varies greatly, but median for “economic analyst” in Houston with 1 year of experience was ~$60,000 in 2014 (range: $45k - $85k).
Prepare to apply
• GRE: take early; may repeat for better score– Quantitative: competitive, current average 154– Verbal: competitive, current average 151– Writing: competitive, at least 3.5 preferred
• At least 3.0 overall GPA plus pre-requisite courses with good grades– Intermediate Microeconomics (ECON 3332)– Intermediate Macroeconomics (ECON 3334)– Econometrics/Regression Analysis (ECON 3370 (formerly 4365)– Calculus (one-semester; calculus for social sciences or Cal.I)
• Letters from instructors of important courses (micro and econometrics)
Applications open October 1st
www.applyweb.com/uhouston
ApplicationPersonal Statement
ResumeTranscripts3 letters of
recommendation
Rolling admissions March through MayApply by April 1st to be considered for $1000 scholarship
• www.uh.edu/class/economics/graduate/master/
• Program Admissions information: www.uh.edu/class/economics/graduate/admissions/• UH:
www.uh.edu/graduate-school/prospective-students/how-to-apply
• FAQ: www.uh.edu/class/economics/graduate/faqs
Important Information Sources
PhD in Economics• Programs usually 5 years long• Very different from your undergraduate
economics: a lot more math intensive.• Not simply a continuation of a Masters.• Most common careers with a PhD: academic
jobs, government, consulting, research departments of large companies
PhD in EconomicsUsual requirements for application:GRE, Motivation letter, 3 Recommendation letters, (Writing sample)
Things which are not sufficient for admission: 4.0 GPA, “best student in the class,” taking all the econ classes.You need to be extraordinary!
How?
Make an appointment to discuss further details of the application process as soon as possible (preferably at least two-three semesters before graduation!).